/biz/ - Business & Finance

[Anonymous No.16049338]

theoretically what’s the most expensive property I can buy with 100k? I’ve never taken out a mortgage before

[Anonymous No.16049348]

>>16049338

>What's the most expensive
>With 100k
I guess it'll be one that costs 100k then?

Fucking proofread this shit man.

[Anonymous No.16049365]

>>16049348
Obviously I’m gonna take out a loan jerk.

[Anonymous No.16049385]

>>16049348
he means down payment retard.

Generally, you need to have income in order to get a decent mortgage because banks want to know you can make payments. If you don't have income and want to get a mortgage for a rental you might have to submit a business plan and they will give you a shitty rate

[Anonymous No.16049390]

>>16049338
3.3 mil on a 3% down payment but ture going to be paying an extra 1% for PMI until you get to owning 20% equity in the house so you're stuck paying 30k a year just on insurabce until you can chip away at your share of equity.

The most you shold try to buy is 5x your downpayment or 10x your annual salary. Usually a safe ratio.

[Anonymous No.16049397]

>>16049385
>>16049390
Thanks!

[Anonymous No.16049445]

>>16049390
Is this legal in the US? In Norway, you have to have a 15% down payment and you cannot get a loan larger than 5 times your annual income (minus other debt, eg. student debt)

[Anonymous No.16049576]

>>16049445
I'm a leafistani and I think we're supposed to be pegged to a 5% down minimum, burgerland is supposed to not go below 3%. In either country there are ways to secure zero down mortgages though. The house of cards can't stand much longer without sucking every potential buyer they can into the market so there are paper sales, even if most of the new debt is toxic.

[Anonymous No.16049592]

>>16049445
In fact of you're a first time home buyer in leafistan gubmint will give you 10% of the buy price up front on the condition they take 10% of the equity upon sale. It's a brutal racket and they're desperate to keep it going.

[Anonymous No.16049729]

>>16049576
There are ways to do that here as well. You can get co-signers or lock your cash in savings accounts for housing. I did both, actually, just bought a house a month ago. Didn't have to sell my stocks, that was nice.
>>16049592
This sounds like something the lefties think help people out, when in reality it does not.

[Anonymous No.16049749]

>>16049729
Can you tell me about the process of buying your new house? What’s your mortgage look like?

[Anonymous No.16049886]

>>16049749
It was simple. Called my bank, told them I was interested in buying a house. They told me to give them a budget over my incomes and how much money I had; so I did, and they offered me up to $250k in loans. I asked if there was something I could do to increase it and not have a down payment, and they told me that they could increase the loan equivalently to the size of my housing account and that my parents could co-sign for the rest. The house was around $300k and the yearly cost of interest and gubmint fees are less than what I paid in rent previously. (So why the fuck rent? I get twice the square footage.)

So the mortgage is just north of $300k with 2,7% locked interest (for 5 years), 25 year tenure.

[Anonymous No.16049962]

>>16049749
As for buying the house itself, I just skipped a lecture and went to the viewing, fetched a bidding form and e-mailed it to the realtors. Got one bid over me, and I bid over that and got it.

[Anonymous No.16050040]

>>16049886
>>16049962
What’s your income and did your parents co sign? Also if your mortgage is over 300k and that’s the same price of the house it seems like you didn’t put any money down?

[Anonymous No.16050160]

>>16050040
Yes, they did. I earn around $10k and get around $10k in student loans a year. I didn't have to put money down, but I have locked some money in a housing account (which has higher interest rate than the loan anyway). I've saved in that account for many years now, so I didn't have to sell stocks or anything.

[Anonymous No.16050173]

>>16049338
The market is going to collapse you fucking idiot. You'd be better off taking that 100k to a roulette table, at least there there's a chance you won't lose.

Manipulated interest rates at near zero percent for a decade to inflate housing prices and you want to buy a fucking home right before the whole thing comes crashing down?

If you do buy make sure you buy 10k worth of silver and gold since you'll make out in spades in a currency collapse and it won't matter then if you pissed away 80k on a home that's going to lose probably 75% of its value in the coming deflationary collapse of all asset prices

[Anonymous No.16050265]

>>16050173
JUST

[Anonymous No.16050289]

>>16049348
based & truthpilled
OP btfo

[Anonymous No.16050334]

>>16050173
>You'd be better off taking that 100k to a roulette table
>not blackjack
pleb